American Eagle Gold Corp. reported assay results from the (5th, 6th and 7th) drill holes of its 2022 program on its NAK copper-gold porphyry project (NAK). Hole-by-Hole Highlights of NAK's 2022 Drill Program: NAK22-01 returned 851 m of 0.37% CuEq, including 126 metres of 1.05% CuEq from surface; NAK22-02 returned 956 m of 0.37% CuEq, including 301 metres of 0.61% CuEq from surface; NAK22-03 returned 906 m of 0.21% CuEq from surface, including 645 metres of 0.24% CuEq; NAK22-04 returned 527 m of 0.45% CuEq from surface, including 89 metres of 0.98% CuEq; NAK22-05 returned 804 m of 0.20% CuEq from surface; NAK22-06 returned 900 m of 0.22% CuEq from surface, including 330 metres of 0.38% CuEq; NAK22-07 returned 856 m of 0.30% CuEq, including 106 metres of 0.53% CuEq from surface NAK22-07 Geological Details: NAK22-07 was collared from the same location as hole NAK22-04 and was drilled at an inclination of - 81 degrees due south.

The drill hole was designed to test the area between the higher grade zone identified at moderate depths in NAK22-04 and the higher grade zone intersected at depth in NAK22 - 02. As with NAK22-04, the hole intersected andesitic volcanic and volcaniclastic rocks. The highlights were higher grade zones of vein-hosted and disseminated copper sulfide mineralization in the uppermost 100 m and between 500 m and the end of the hole at 843.30 m. Together holes NAK22-06 and -07 show that mineralization is continuous to depth below the higher-grade zone seen in NAK22-04.

NAK22-06 Geological Details: NAK22-06 was the sole step-out hole from the main north-south drill fence and section in the 2022 program. It was collared 180 m to the east of the north-section section and was drilled on a 260 azimuth at an inclination of -70 towards the 2022 drill fence, in part with the aim of drilling beneath hole NAK22- 04, which was lost in bad ground. Hole NAK22-06 collared into the western margin of the main Babine porphyry stock (as outlined by historical drilling and geophysics).

It remained within intrusive rocks until a depth of 550m, where it encountered the intensely altered andesitic volcanic and volcaniclastic rocks that host the stock. The drill hole remained largely within those volcanic rocks until its total depth (920 m), except where it encountered intrusions of local meter-scale dykes of granodiorite. Mineralization within the intrusive rocks was consistent with what was observed in holes NAK22-01, -02, and -03, with sparse mm- to cm-scale bornite-chalcopyrite veinlets occurring throughout.

In addition, not far from the granodiorite-volcanic contact, between 531.33 and 532.37 m, an irregularly oriented aplitic dyke, hosting up to 30% disseminated bornite, intrudes the Babine granodiorite. The dyke returned 3.66% Cu, 0.58 g/t Au and 20.4 g/t Ag. Within the volcanic rocks, chalcopyrite and bornite were also present as variably abundant disseminations but also as veinlets.

The strongest zone of continuous mineralization occurred between 707.00 and 843.37 m, returning 0.50% Copper Equivalent over 127.37 m. NAK22-05 Geological Details: Hole NAK22-05 was the northernmost hole drilled in the 2022 program. From surface to the end of hole, NAK22-05 encountered andesitic volcanic rocks and conglomeratic rocks, which were variably mineralized with chalcopyrite and pyrite. Rare instances of cm-scale bornite-quartz veins are present throughout the hole.

Intervals of densely disseminated chalcopyrite are also locally present, occurring predominantly within conglomeratic intervals. Overall, copper grades remain strongly anomalous throughout the entire hole, returning 804.81 m of 0.20% Copper Equivalent from surface to end of hole. Linking 2022 Drilling with Historical Results - Piecing the Mineralized System Together: The Company is currently interpreting and modelling its drill results to design an aggressive follow-up drill program for 2023.

The initial plan is to step out from and infill between this year's drill collars and expand and define the zones of higher-grade mineralization intercepted in holes NAK22-01, -02 and -04. NAK22-01 showed grades near surface that were exceptional for NAK, and this is particularly encouraging given that the closest historical hole, NAK95-15, was collared nearly 100 m to the east of NAK22-01. That drill hole returned an intercept of 168.5 m @ 0.81% CuEq from surface.

The next closest, NAK96-55, was drilled 105 m away to the northeast and returned 70 m @ 1.07% CuEq starting from 85 metres. Given the grades of NAK22-01 and -02, combined with the grades and distance for holes NAK95-15 and -96-55, the Company infers excellent potential for a large, near-surface zone of copper-gold mineralization exceeding the bounds of what was historically delineated.